How Financial Institutions Can Participate in America Saves Week

Consumer Federation of America is located in Washington, D.C., and was founded in 1968. It is an association of more than 300 nonprofit pro-consumer groups including Consumers Union, AARP, credit unions, housing co-ops, and grassroots organizations.

America Saves is a national social marketing campaign that seeks to motivate and support low to moderate income households to save and build wealth.

America Saves Week is coordinated by America Saves and the American Savings Education Council. Started in 2007, the Week is an annual opportunity for organizations to promote good savings behavior and a chance for individuals to assess their own saving status.

About Us

America Saves• Support the organizing of a wide range of stakeholders and service providers to positively impact their constituents in 45 states with now more than 300,000 people enrolled

• Provide materials, resources, website, data base and infrastructure to support the organizational effort and to individual savers

• Work with financial institutions to provide no fee and low opening balance savings accounts

• Organize America Saves Week, the last week in February, as a national call to positive financial action

How America Saves Encourages Saving

Almost Everyone Can Save

Set A Goal – more likely to succeed

Make A Plan – twice more likely to succeed than those who do not*

Save Automatically – pay yourself first

Source: CFA Annual Savings Survey February 17, 2012

America Saves Surveys of Savers

Savers who joined America Saves in 2010 reported saving $2,000* since joining America Saves

Savers of all income levels reported being able to save – including savers making less than $25,000 who reported saving $400* since joining America Saves.

The most important saving goals for savers include: Debt Repayment, Emergency Fund, and Retirement

Savers tell us that since they joined America Saves they feel more hopeful about their financial situation, they are saving more, and they are managing their debt better

* Median Amount Saved

Barriers and Incentives

• High opening balance and minimum balance

• Fees – min balance, withdrawal restrictions, inactive accts

• Interest rates

Barriers to Saving

• Incentives- low min balances, waived fees, sign up bonuses, higher interest rates

• Most useful funds for an emergency

• FDIC insured

Incentives to Save

Financial Institutions Can Serve the Community by Encouraging Savings

Promoting Accounts

Focus on Saving

Automatic Savings

New Products

• Co-coordinated by America Saves and the American Savings Education Council.

• An annual opportunity for Americans to assess their financial condition and goals

• A dedicated time for financial action• A time for organizations and institutions

to emphasize Saving

America Saves Week

February 22 – 27, 2016

A national initiative with thousands of organizations

Organizations encourage and assist Americans, especially lower-income households, to start saving and build wealth

Annual reach of more than 30 million people

60 local, regional, and statewide saves campaigns

Participating Organizations include: Department of Defense -- USDA/NIFA FDIC -- Cooperative Extension OCC -- Jump$tart Social Security Administration FRB

America Saves Week Participating Organizations

More Participating Organizations:

• California Department of Financial Institutions

• Certified Financial Planner Board of Standards

• City of Cleveland

• Commodity Futures Trading Commission

• FCCLA

• General Mills

• General Services Administration (GSA)

• IRS

America Saves Week Participating Organizations

• Kentucky Department of Financial Institutions

• Maine Public Employees Retirement System

• Sallie Mae

• United Way

• U.S. Department of Labor, Employee Benefits Security Administration

• U.S. Securities and Exchange Commission's Office of Investor Education and Advocacy

• WA Department of Financial Institutions

How to Participate

• Encourage your members and customers to open or add to wealth building accounts and to save automatically through direct deposit– Offer no-fee savings accounts at low opening

balances ($25 or less) with incentives introduced during the Week

– Offer incentives for making deposits into current accounts, offer low cost IRAs, CDs or other wealth- building accounts

– Offer special emergency savings accounts

How to Participate

• Encourage people to Pledge to Save– Sign up customers and members as America

Savers to help support their ambition to save through an embeddable pledge form on your website, which can track your impact in the community

Benefit to You

• Attract new customers and members

• Increase account balances

• Encourage customers to save automatically through direct deposit

• Potentially receive free media coverage through proclamations and press releases

U.S. Bank

– Registered 58 U.S. Bank branches in 17 states internally to participate in this year’s America Saves Week campaign featuring the S.T.A.R.T. saving product that gave $50 for the first $1,000 saved. Conducted financial literacy seminars encouraging saving for the future using America Saves Week resources.

Examples of Financial Institution Participation

The First, A National Banking Association– Offered a special account with a minimum opening amount of

$15 and no service charge for up to one year as long as customers keep a minimum balance of $100 in the account.

M&T Bank– Emailed 500,000+ customers promoting America Saves

Week and Easy Save (M&T’s auto funds transfer). Sent out a press release and placed take-ones in the retail branches promoting America Saves Week and Easy Save.

America Saves Week Promotional Materials

AmericaSavesWeek.org

5 Steps to Participation

1. Plan Product

2.Integrate the Pledge

3.Promote Product

4.Download Marketing Materials

5.Track Impact

AmericaSavesWeek.org

STEP 1: Choose Products to Promote

Plan Product

New or existing

• Basic Savings Account (Follows FDIC Best Practices)

• CD

• Money Market Account

• IRA

AmericaSavesWeek.org

STEP 2: Integrate the Pledge

AmericaSavesWeek.org

I pledge to save

money, reduce debt,

and build wealth over time.

I will encourage my

family and friends

to do the same.

Text Message Tips and Reminders

Step 3: Plan Promotion

Plan Product Promotion

• Market to current and potential customers to save and build wealth better

• For current business customers, reach out to their employees (At Work programs) to make savings automatic, and set up an emergency savings account or wealth building account through payroll deduction

• Provide directly, or in partnership with others, financial education classes, events, and seminars

• In school presentations to students and teachers, encourage opening or adding to an existing account

AmericaSavesWeek.org

Step 3: Plan Promotion

1. Offer incentives• Bonus

• Interest Rate

• Drawing or Prize

2. Create Your Own Materials

3. Share Savings Messages through Social Media

4. Contact the Media

5. Work with Local Government

AmericaSavesWeek.org

STEP 4:

Download Materials

1. Flyers, Poster, & Payroll Stuffers

2. Logos, Web Buttons, and Banners

3. Social Media Kit

4. Sample Newsletter, Email, and Blog Content

5. Sample Press Release

6. Sample Proclamation

7. PowerPoint Presentations

How Organizations Can Participate inAmerica Saves Week

AmericaSavesWeek.org

Social Media Content

Contains:

– 4 Weeks of content to post on Twitter and Facebook

– Sample newsletter/blog content

– America Saves QR code

Content available in early January - Join the Week to be notified as soon as it becomes available.

STEP 5:

Track Your Impact

• Establish goals for new accounts opened, new deposits, increased balances, new automatic savings sign-ups, new IRAs, CDs, and other savings and investment opportunities.

• Worksheet to track:– Promotional methods

– Audience reach

– Information and stories

– Account activity (for financial institutions)

– Employer participation

How Organizations Can Participate inAmerica Saves Week

AmericaSavesWeek.org

Bottom Line

The savings message, resources and opportunity to save can support your participation in America Saves Week.

Your customers, members, and employees will benefit from participation in America Saves Week.

Register TODAY as a participating organization at AmericaSavesWeek.org